Impact of China's real estate downturn on steel industry

China's real estate sector has long served as a cornerstone of the national economy, driving demand across many supply chains and fueling the rapid growth of numerous related industries, especially steel. For two decades, the construction boom ensured that real estate was the single largest consumer of steel products, shaping production patterns, investment decisions, and the bottom lines of steel mills nationwide.

However, since the second half of 2021, the real estate industry has entered a period of deep structural adjustment. The economic slowdown, changing growth development model, regulatory environment, and evolving policy priorities have led to a sustained contraction in property development and sales. This shift has triggered a transformation